It’s bad here…and (in some cases) even worse there

After some time of watching the events of the American financial crises unfold, the impacts of Asian economies are becoming clearer each day. Although initially East Asian countries had hoped they would largely avoid the aftershock of the crash they currently are realizing the effects. Both, imports and exports have significantly dropped in comparison to this time in 2008. Countries like China, South Korea, Vietnam, Japan, and Singapore are experiencing the most disastrous declines in trade. For example, “Even in China, exports are spluttering, down by 2.8% in December Singapore’s by 20%. Falls in imports are often even starker: China’s were down by 21% in December; Vietnam’s by 45% in January.” Such a swift decline has come at somewhat of a shock to Asian countries, as 2007 was a year of relative economic development for countries like China who expanded their GDP by 13%. Such dramatic declines can easily be attributed to the dominance of Western influence on Asian economies and the dependent relationship which has recently gained substantial strength. However, analysts have also determined that shortcomings in domestic demand have also largely contributed to the problem. Of course Asian countries will agree that the majority of the blame should be placed upon Western countries for enticing Eastern nations into such trade deals. At a time when citizens are looking to their government for answers they are currently coming up empty. However, Asian governments will soon be able to react by investing in public works programs, which can aim their efforts to improving the infrastructure of these nations, an investment, which is sorely needed. However, the fact still remains that Asian countries are overly dependent upon exports to Western nations, which will ultimately hamper a swift and immediate stimulus plan.

Of the nations who heavily rely on exports to support their economy, Taiwan is the clear leader. Because they have based a substantial portion of their economy on providing technological items to hungry Western consumers they have been hit the hardest.
Some of the most clear indicators of the failing Taiwanese economy can be found in the 5% decrease in average wages as well as the 5% increase of unemployment. Such statistics seem to be a commonality among most competitor nations. Worsening the situation, the wealthy management population of Taiwan has moved their factories to China. This has decreased their domestic spending which is needed to stimulate the economy.
To provide a perspective of this largely encompassing economic issue, the ASEAN summit, which is set to take place February 28th and 29th, will primarily focus upon taking the final steps to legitimize their existence and strengthen the union of the partnering nations.


"It is the first time leaders will meet since the group signed a landmark charter in December. The document made ASEAN a legal entity and moves it a step closer toward the goal of establishing a single market by 2015 and becoming a European Union-like community."

This shift in a primary focus toward the economy has come a time while human rights violations (another central focus of the union) against the people of Rohingya have occurred.
“…including the plight of the stateless Rohingya boat people who flee Myanmar and have recently washed up on the shores of Thailand, Malaysia and Indonesia — will be discussed on the sidelines but not as part of the summit's formal agenda.”
Clearly the economy is the global hot topic as nations are suffering. However, for the economy to take precedence over human rights violations, we now have some perspective of this dire situation. While the crisis is a convoluted mess, Asian entities need to begin to move in the right direction to shorten the distance of a recovery.